BEIJING—China is slowing reviews of multibillion-dollar takeover deals being pursued by Qualcomm Inc. and Bain Capital, people familiar with the matter say, as U.S.-China trade tensions escalate.

The delay could end up quashing Qualcomm’s planned $44 billion purchase of Dutch semiconductor company NXP Semiconductors NV—a deal widely seen as critical to Qualcomm’s future—according to a person familiar with the matter.

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